Market Update | Local Tips, Trends, Rants & Events | Chelsea Robinson | Encino and Sherman Oaks Real Estate Agent and Houses for SaleNothing too drastic going on last week…although there is a new stat out that I find interesting and I have a question for you…are you a confident consumer? Think about that for a moment then read on in this week’s Market Update.
Stocks had another week of gains – Stocks closed the week higher for the fourth straight week. Stocks markets which have hit record highs almost every day surged Wednesday on news of higher consumer confidence and excitement over Trump’s address to congress which included higher defense spending, and a one trillion dollar infrastructure proposal. Stocks gave up some of those gains as several retailers reported lower profits including Costco, who’s same store sales were down. Caterpillar was raided by the government as part of an investigation into Caterpillar’s overseas business practices and tax strategies.  That dragged down their stock and weighed on the markets. Finally, on Friday Fed Chairperson, Janet Yellen suggested that another rate hike was on the way. The  Dow Jones Industrial Average closed the week at 21,005.71, up from last week’s close of 20,821.76. The S&P 500 ended the week at 2,383.12, up from its close of 2,367.34’last week.  The NASDAQ closed the week at 5,870.75,  up from last week’s close of 5,845.31.

U.S. Treasury Bond yields rise  on expectations of a Fed rate hike at March 14-15 meeting  – The 10-year U.S. Treasury Bond closed the week yielding 2.49%, up  from 2.31% last Friday. The 30-year Treasury Bond yield closed the week at 3.08%, up  from 2.85% last weekMortgage rates follow bond yields, so we watch treasury  bonds closely.

Mortgage rates lower in last week’s survey, but rise at week’s end  – The Freddie Mac Primary Mortgage Survey released on March 2, 2017 reported that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 4.10%. The 15-year fixed average rate was 3.32%. The 5/1 ARM average rate was 3.14%. Rates rose at the end of the week. Next week’s rates will be at least 1/8% higher.

Consumer Confidence at 15 year high – The government reported that consumer confidence in February climbed to the highest level in 15 years. The Monthly Consumer Confidence Survey had the Consumer Confidence Index at the highest level since July 2001.

The jobs report which is usually released on the first Friday of every month was not announced today, as the short month of February makes it hard to compile the data on time. That report will be released next Friday.


If you’d like more information on the San Fernando Valley or Los Angeles, or to have help looking for your next home, please feel free to reach out! I’m happy to help, no obligation.

Find Your New Home!
Contact Me Today!